| Posted By |
Message |
ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
|
Homeowners Insurance Deductable - What do you have ???
Looking at quotes now and trying to decide what deductable I should get.
Now granted, I am not the type of person that believes in making homeowners claims for silly things. I would probably only make a claim if there was a major fire or something drastic. I had a frozen pipe burst for a $1800 plumbers bill two years ago and I paid that out of pocket.
I originally had a $1000 deductable for my old house because at the time I think that was the max. I can get a $1000 deductable on my new policy for $641 a year.
My agent told me they now have $2500 and $5000 deductable options. $593 for the $2500 and $523 for the $5000 deductable.
I am actually considering the $5000 deductable. It's over $100 less a year compared to the $1000 deductable.
One of the biggest financial flaws is over-insuring. I have cash to be able to take a $5000 hit if I have to. With all the insurance companies dropping Long Island clients without notice, I would not be making any cheap claims because I don't want to be stuck going with another carrier and paying more.
I even have a separate policy for my jewelry (different company with no deductable) so I don't have to worry about making homeowners claims against stuff like e-rings, wedding bands, etc.
Am I nuts to consider the $5000 deductable? The last time I read a similar thread I was surprised to hear that lots of people had much lower deductables (like $500).
TIA
|
Posted 11/30/09 12:53 PM  |
| |
|
Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
LemonHead
Sour Girl
Member since 3/08 5271 total posts
Name:
|
Re: Homeowners Insurance Deductable - What do you have ???
I don't think you're nuts for considering the $5,000 deductible. I am also from the school of thought where we don't make any claims for silly things. If you have the cash to cover it, why not?
|
| Posted 11/30/09 1:22 PM |
| |
|
jen919ifer
LIF Adolescent
Member since 7/08 803 total posts
Name:
Jennifer
|
Re: Homeowners Insurance Deductable - What do you have ???
I would say stick with the $1000, you are not saving enough to go to the $5000. it's going to take you about 4 years to make up the difference if there were a claim
|
| Posted 11/30/09 2:39 PM |
| |
|
Smileyd17
kids
Member since 5/05 20997 total posts
Name:
Mommy
|
Re: Homeowners Insurance Deductable - What do you have ???
Posted by jen919ifer
I would say stick with the $1000, you are not saving enough to go to the $5000. it's going to take you about 4 years to make up the difference if there were a claim
DITTO!
|
| Posted 11/30/09 2:43 PM |
| |
|
MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
|
Re: Homeowners Insurance Deductable - What do you have ???
$1000 - I agree w/ your over-insuring statement.
However, if you have a mortgage, they most likely will have a cap on the deductable. I actually just looked this up with BOA and it states the deductible must be the lesser of $1,000 or 1% of the loan amount.
|
| Posted 11/30/09 4:02 PM |
| |
|
jgl
Love my little boys!!!
Member since 8/07 7060 total posts
Name:
g
|
Re: Homeowners Insurance Deductable - What do you have ???
Posted by Smileyd17
Posted by jen919ifer
I would say stick with the $1000, you are not saving enough to go to the $5000. it's going to take you about 4 years to make up the difference if there were a claim
DITTO!
I agree!
|
| Posted 11/30/09 4:32 PM |
| |
|
ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
|
Re: Homeowners Insurance Deductable - What do you have ???
Posted by Meaghan729
$1000 - I agree w/ your over-insuring statement.
However, if you have a mortgage, they most likely will have a cap on the deductable. I actually just looked this up with BOA and it states the deductible must be the lesser of $1,000 or 1% of the loan amount.
That's a good point regarding the bank requirement for deductable. I would have to ask my loan officer about this.
Thanks all!
Message edited 11/30/2009 4:38:42 PM.
|
| Posted 11/30/09 4:38 PM |
| |
|
JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
|
Re: Homeowners Insurance Deductable - What do you have ???
Can you FM the contact info for the person you are using. Thanks
|
| Posted 11/30/09 10:22 PM |
| |
|
HotAir
LIF Toddler
Member since 8/09 391 total posts
Name:
Lisa
|
Re: Homeowners Insurance Deductable - What do you have ???
I just got homeowners insurance today for the house I'm buying...$1000 deductable.
|
| Posted 11/30/09 10:39 PM |
| |
|
KLSbear
LIF Adult
Member since 1/06 1908 total posts
Name:
Karen
|
Re: Homeowners Insurance Deductable - What do you have ???
We have $1000 deductible but I would seriously consider the higher deductible. You already automatically have a higher deductible for any huricane related damages and I agree with your thoughts on companies dropping people for "small" claims. I have a co-worker that had a cesspool collapse and it cost $6000 to have it capped off in the middle of winter and replaced. Her insurance company paid the claim and dropped her. You're really best off using your insurance for catastrophic losses, not minor repairs.
|
| Posted 11/30/09 11:14 PM |
| |
|
ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
|
Re: Homeowners Insurance Deductable - What do you have ???
Posted by JandJ1224
Can you FM the contact info for the person you are using. Thanks
I am using Liberty Mutual. They never dropped me when I was in my old house so they earned my business for my new place. They give out great rates too. You can call customer service and find an agent local to you.
My guy is in the city since I used to live in the city. But you can use any agent on the website.
|
| Posted 12/1/09 12:05 AM |
| |
|
